India Power EPC Market Size (2024 - 2029)

India Power EPC Market Size Summary

The power EPC industry in India is poised for growth, driven by increasing industrial activities and government initiatives aimed at expanding electricity access across the country. Despite challenges such as low domestic investments and slow project processing, the market is expected to benefit from the dominance of conventional thermal power, which constitutes a significant portion of the country's energy generation capacity. The thermal segment, powered by coal, natural gas, and oil, is anticipated to maintain its leading position due to the ongoing reliance on fossil fuels and the implementation of advanced technologies like supercritical and ultra-supercritical coal power plants. These developments, coupled with government efforts to boost renewable energy, are expected to create numerous opportunities for the power EPC market in India.

The demand for electricity in India is on the rise, fueled by rapid industrialization and urbanization, which in turn is expected to drive the power EPC market. The government's policies to enhance electricity generation, transmission, and distribution are crucial in addressing the supply-demand gap and ensuring reliable power supply. Significant projects, such as the manufacturing-linked solar agreement by Adani Green Energy Limited and the development of nuclear power stations, underscore the country's commitment to expanding its energy infrastructure. Additionally, inter-state projects aimed at improving transmission corridors and connecting renewable energy zones are set to further stimulate market growth. The fragmented nature of the market, with key players like Bharat Heavy Electricals Limited, Larsen & Toubro Limited, and Sterlite Power Transmission Limited, highlights the competitive landscape and potential for continued expansion in the coming years.